PRO Partner Group Business Set Up Company formation PRO Services news updates

PRO Partner Group
News & Updates

PRO Partner Group Regional News and Updates - Abu Dhabi, Dubai, Wider UAE, Oman & Qatar

  • ADX and DFM to adopt Monday-to-Friday trading week -

    The Abu Dhabi Securities Exchange and the Dubai Financial Market will switch to a Monday-to-Friday trading week in line with the federal government's move to change the weekend.

    The stock exchanges will operate from 10am to 3pm from Monday to Friday from 3rd January 2022, the two bourses said on Wednesday.

    “The Monday-to-Friday trading window aligns with local and international financial institutions and further contributes to the DFM’s recent momentum by expanding the presence of international participants on the DFM, as they currently contribute 50 per cent of the market’s trading activities and represent one third of the investor base,” the Dubai bourse said.

    The move by the stock exchanges come at a time when UAE's federal government departments are preparing to shift to a four-and-a-half day working week, with the official weekend now being Saturday and Sunday, instead of Friday and Saturday.

    The step will also could result in greater integration of the local economy with global markets, paving way for more foreign direct investment, according to analysts.

    The move will create a "great alignment between the UAE's securities markets and world markets", Abdulrahman Al Awar, Minister of Human Resources and Emiratisation, told Bloomberg TV on Wednesday.

    The banking and financial sector will also benefit because the UAE is eliminating the previously existing weekend gap to align with world economies, he said.

    For the full article click here

  • UAE’s in-country value (ICV) programme to be implemented in all federal entities by year-end -

    The UAE's national In-Country Value (ICV) programme will be implemented in all federal entities and across 12 national companies by this year-end.

    The committee for the ICV programme, formed by the Government, discussed the development of detailed guidelines and criteria for its implementation at its first meeting on Wednesday.

    The committee, which includes the UAE’s Ministry of Industry and Advanced Technology, a number of federal and local authorities and national companies, reviewed the programme’s developments and key performance indicators since its launch as part of the Projects of the 50 in September.

    "Under the programme, 42% of government spending will be redirected to UAE-based companies by 2025," Omar Suwaina Al Suwaidi, undersecretary of the MoIAT, said.

    The ICV programme is expected to reach many milestones, including increasing the internal demand for local products and services from Dh33 billion currently to Dh55bn. It aims to encourage local manufacturers to diversify and develop their production to meet that demand.

    “Developing their business models and production methods will also help them meet ICV certification criteria, thus enhancing their chances of partnering with global entities seeking to leverage this opportunity,” Mr Al Suwaidi said.

    The programme expects the redirection rate of government spending towards UAE-based companies to surge to 50 per cent by 2031.

    For the full article click here

  • New UAE labour law: Employees in both the public and private sector will get the same annual leave allowance -

    Public and private sector employees in the UAE will be entitled to the same types of annual leave under the new unified general provisions announced by the Ministry of Human Resources and Emiratisation on Monday.

    The new provisions, under the Federal Decree Law no. 47 of 2021, aim to unify the public and private sectors to build an integrated, sustainable and competitive labour market that grants the same rights to employees across the country.

    Starting from 2nd February 2022, employees across the country will obtain the same leave period for annual, maternity, paternity, mourning and study leave.

    Annual leave: Full-time public and private sector employees are entitled to a 30-day annual leave every year. Once employees complete six months of employment, they are entitled to two paid days off for every month before the completion of the year.

    Maternity leave: In both sectors, the maternity leave will be 60 days, including 45 days at full pay, with an additional 15 days at half pay. Once back to work, new mothers are entitled to one hour a day for breastfeeding for six months from giving birth. Female employees can choose to combine their maternity leave with any other approved holiday.

    Paternity leave: Men can claim a five-day paternity leave to be used consecutively or throughout the first six months of the baby’s birth.

    For the full article click here

  • Emirates Airline president reveals talks on potential stock market listing -

    The Dubai government is considering a potential listing of Emirates Airlines, according to the carrier’s president Sir Tim Clark.

    Emirates chairman Sheikh Ahmed Bin Saeed Al Maktoum told Asharq TV earlier this month that shares in the city’s flagship carrier may be sold - and this has been backed by Clark, who told Reuters that a stock exchange listing was a possibility.

    Dubai plans to list 10 state-owned companies on its stock market. It kicked things off with its main utility, likely to be its largest IPO ever, and the Salik road toll-collection system.

    The move comes after a raft of recent IPOs on the Abu Dhabi stock exchange, the stock market listing appetite in the UAE looks set to continue.

    For the full article click here

  • UAE announces change to weekend and working hours from 1st January 2022 -

    Federal government departments in the UAE are to change their working week from January 1, 2022, with much of the country expected to follow suit.

    Public sector workers at the ministerial level will adopt a four and a half day working week, with employees working Monday to Thursday. There will be a half day on Fridays.

    Saturday and Sunday will be the new weekend for government workers.

    The Dubai and Abu Dhabi governments said their employees would adopt the same hours. In addition, schools across the UAE will move to the same working week on the first day of term, with hours expected to be announced soon.

    The decision comes in line with the UAE’s vision to enhance its global competitiveness across economic and business sectors, and to keep pace with global developments.

    Private sector employers can choose whether to adopt the new weekend and shorter working week, labour minister says – with the majority of companies likely to adopt the new working hours.

    In line with the changes January 2nd has been announced as a UAE public holiday.

    Widely welcomed by the UAE business community private sector companies will have to quickly decide whether to align with the new working week and also to review and embrace the changes brought in by the new UAE Labour Law No. 33 of 2021 that comes into effect on 2nd February 2022.

    For the full article click here

  • Dubai to Abu Dhabi by train: Etihad Rail to expand to run passenger services -

    The UAE's rail project will expand to include passenger train services running across the country, the UAE's leaders said on Sunday in a major announcement.

    Etihad Rail's network will grow from running heavy goods services to carry millions of passengers between its major cities by 2030, the government said.

    The project – worth an estimated Dh200 billion to the economy – will allow "passengers to travel from Abu Dhabi to Dubai in 50 minutes, and from Abu Dhabi to Fujairah in 100 minutes", a statement read.

    "Etihad Rail is the largest project to consolidate the strength of the union for the next 50 years. It will connect 11 key cities and regions across the UAE," said Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai.

    "The project comes in line with the environmental policy of the UAE and it will reduce carbon emissions by 70-80 per cent".

    At a briefing at Expo 2020 Dubai, Sheikh Mohammed bin Rashid and Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, reviewed progress on the expanding rail network and its impact on the local economy.

    Officials did not give a start date for the first passenger services but said "by 2030, the number of passengers is expected to reach more than 36.5 million annually".

    For the full article click here

  • Abu Dhabi’s Borouge awards contracts to expand its Ruwais complex -

    Petrochemicals company Borouge awarded contracts for the development of the fourth unit of a polyolefin manufacturing complex in the UAE's downstream centre of Ruwais.

    The engineering, procurement and construction contracts were awarded to Abu Dhabi’s Al Asab General Transport and Contracting, French construction company Technip Energies and Italy-based Tecnimont, Borouge said on Sunday.

    Borouge is a joint venture between ADNOC and Austrian chemicals producer Borealis. Last month, the two companies signed an agreement to invest $6.2 billion to expand the Ruwais complex and build a fourth unit, Borouge 4.

    With this expansion, Borouge will become the world’s largest single-site polyolefin complex. It will also enable the next phase of growth at the Ruwais Industrial Complex by supplying feedstock to the Ta’ziz Industrial Chemicals Zone.

    "Borouge 4 is a key contributor to advancing the UAE’s ambitions for economic diversification, helping boost exports to customers globally,” said chief executive Hazeem Al Suwaidi.

    The expansion will further strengthen Borouge’s international presence and will help in generating In-Country Value. About 60 per cent of all engineering, procurement, commissioning and construction activities will be managed by local companies and local materials will be used, the company said.

    For the full article click here

  • UAE and France sign 13 major agreements and MOUs -

    The UAE and France have signed 13 mega agreements and memorandums of understanding, including the Rafale fighter jets deal, during the visit of French President Emmanuel Macron amid the Year of 50th celebrations.

    His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, welcomed Macron at the Expo 2020 Dubai.

    The leaders discussed friendly relations, joint cooperation and opportunities in various fields, especially in the investment and economic aspects, advanced technology, energy and food security, culture and education.

    During the meeting, both sides reviewed issues and exchanged views on the developments in the region and globally. They affirmed their determination to strengthen the various aspects of the strategic partnership, and the importance of sharing a common vision in supporting peaceful solutions and initiatives aimed at ensuring security and stability in the region.

    The UAE’s Ministry of Defence entered into three agreements with French entities. First with Dassault Aviation on the purchase of aircraft and associated products and services, second with MBDA on the supply of Rafale arms equipment, and third with Airbus Helicopters on the purchase of H225M helicopters.

    For the full article click here

  • Abu Dhabi approves ADNOC's Dh466b investment plans for 2022-26 -

    The Abu Dhabi energy giant ADNOC’s next five-year business plan, with investments of Dh466 billion, has been approved. This will increase both upstream production capabilities as well as the company’s downstream portfolio.

    In addition, the proposed investments will add to low carbon fuels business and clean energy plans. ADNOC intends to bring back Dh160 billion ($43.6 billion) back into the UAE economy across 2022-2026 through its ICV (in-country value) programme.

    ADNOC has confirmed a “significant increase” in national reserves of 4 billion stock tank barrels (STB) of oil and 16 trillion standard cubic feet (TSCF) of natural gas. These additional reserves increase the UAE’s hydrocarbon reserves base to 111 billion STB of oil and 289 TSCF of natural gas, reinforcing the country’s position in global rankings as the holder of the sixth-largest oil reserves and the seventh-largest gas reserves.

    This was confirmed after His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Chairman of the Board of Abu Dhabi National Oil Company (ADNOC), presided over the annual meeting of the Board of Directors. It was held at the UAE Pavilion at the Expo 2020 site.

    “The UAE will continue to responsibly unlock its hydrocarbon resources to drive progress and contribute to global energy security,” said Sheikh Mohammed bin Zayed.

    For the full article click here


Loading...

Something went wrong. Please refresh the page.


Load more